The $60,000 statue is made of bronze and is situated in a park in Newport Beach. The image was likely targeted for sale as scrap metal by needy thieves -- or it's possible that the vandals don't really like Reagan, Newport Beach police. Sgt. Kirk Jacobi told the Orange County Register.

The statue was pulled from its base and stood at an angle before city crews removed it for repairs.

The statue is a new addition to the area; it was dedicated Oct. 9 to celebrate the 100th anniversary of the 40th president's birth.